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Friendly's preparing for Bankruptcy


Frozen Tundra
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Guest ValueCarl

If the minus interest on debt remaining cash flows are high returns on their cost basis, inclusive of "the brand" still being considered respectable in their territories, this expert restaurant investor group won't let The Prince of Persia get his greedy paws on anything! 

 

Forgiving debt? Now, there's an age old biblical principle I have espoused on this board before being chastised as someone without respect for Jewish faith healers. It's in their good book; The Old Testament.  ;D I might have recommended that as the course of action for LVLT in dealing with their "control stake" or preferential owners in 08, before they enabled them to bend passive owners over at usury. 

 

Some companies are just better off starting fresh!   

 

Sun Capital Partners Inc., the Boca Raton, Fla., buyout firm with a history of restaurant deals, paid $130.81 million in cash for all of Friendly's stock in 2007. The private-equity firm is also a Friendly's creditor.

 

Some of Sun's other investments include Boston Market Corp. and Real Mex Restaurants. Real Mex, like Friendly's, is pursuing a debt restructuring.

 

Sun could put in a "credit bid" for Friendly's by forgiving debt in exchange for retaining ownership, the people said.

 

A Friendly's spokeswoman didn't provide a comment. Sun Capital didn't respond to requests for comment.

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